Love or hate his films (which include "Moulin Rouge" and the recent "Australia"), you can't deny that Baz Luhrmann has a flair for sprawling drama. He's taking that flair from the Outback to the economic heyday of the 1920's with his next project -- an adaptation of F. Scott Fitzgerald's classic novel, "The Great Gatsby." According to The Hollywood Reporter, he's officially snagged the rights, and is moving quickly to get the movie into production.

"Gatsby" is required high school reading these days -- but if you managed to skip it, we won't spoil it for you. It's a classic story centered on Jay Gatsby, who becomes a self-made and shady millionaire in order to win the love of his life, Daisy Buchanan. There's twists, love triangles, and tragedy, but it's especially famous for its depiction of the wealth and debauchery of the Roaring '20's.

Luhrmann's excessive, visual style might actually be perfect for the story, which is filled with over-the-top parties and tragedies.

It's the historical angle that has attracted Luhrmann to the project, who sees it as a way to illustrate America's current economic situation. "If you wanted to show a mirror to people that says, 'You've been drunk on money,' they're not going to want to see it. But if you reflected that mirror on another time they'd be willing to. People will need an explanation of where we are and where we've been, and 'The Great Gatsby' can provide that explanation."

MTV readers, do you want to see Lurhmann take on another classic story? Or did "Australia" sour you on his style forever?